Earlier this summer, Senator Thom Tillis (R-NC) and three other U.S. Senators introduced the Paycheck Protection Small Business Forgiveness Act (S. 4117), which would forgive PPP loans of up to $150,000 with the filing of a one-page attestation form. According to the Center’s recent survey, nearly half of North Carolina nonprofits received PPP loans, and the vast majority of these organizations received $150,000 or less in PPP funding and would benefit from this proposal. Financial experts estimate that this bill would save PPP borrowers billions of dollars in compliance costs. This week, the Center joined the National Council of Nonprofits and three other state associations (the home states of the bill’s other primary sponsors) in endorsing the Paycheck Protection Small Business Forgiveness Act.
